Image by Getty Images via @daylifeLloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited (see 'Government stake' below). The Group headquarters is located at 25 Gresham Street in London, with its registered office on The Mound, Edinburgh. Lloyds Banking Group's activities are organised into four business divisions: Retail Banking (including Mortgages), Wholesale, Life, Pensions & Insurance, and Wealth & International. Lloyds' extensive operations span the globe including the US, Europe, Middle East and Asia.
Lloyds TSB was formed in 1995 by the merger of Lloyds Bank and the Trustee Savings Bank.[2] The company operated in England and Wales as Lloyds TSB Bank plc and in Scotland as Lloyds TSB Scotland plc. Its other subsidiaries included the mortgage bank Cheltenham and Gloucester, life assurance company Scottish Widows, finance house Black Horse and private equity investor Lloyds Development Capital.
Following the approval of both the Lloyds TSB and HBOS shareholders, the takeover was completed on 19 January 2009. The HBOS name ceased to be used publicly, although it will still exist as an employing entity. The Bank of Scotland brand will remain in Scotland while the Halifax and Lloyds Bank brands will be used in England & Wales, with each offering different products and pricing. In his first interview as Lloyds Banking Group's new CEO António Mota de Sousa Horta Osório told The Banker that "We will keep the different brands because the customers are very different in terms of attitude".[3]
The Group has announced it will sell all Lloyds TSB branches in Scotland, some in England & Wales, the TSB brand, the Cheltenham & Gloucester branches and Intelligent Finance as a consequence of the UK Government taking a 43.4% share in the Group in January 2009.[4][5]
Contents [hide]
1 Operations
2 Key numbers
3 History
3.1 Antecedents
3.2 Lloyds TSB merger
3.3 Acquisition of HBOS
3.4 Government stake
3.4.1 October 2008 to January 2009
3.4.2 February to June 2009
3.4.3 Second Half of 2009
3.5 Capital raising and EU-mandated divestment
3.5.1 Capital raising
3.5.2 GAPS exit fee
3.5.3 Divestment (sell-off)
3.6 Share price history
3.7 Curtailments
4 Controversy
4.1 Links to the arms trade
4.2 Cutting off aid to Gaza
4.3 Money laundering
4.4 Tax avoidance
4.5 HBOS bad loans
5 Awards and recognition
6 Sponsorships
7 References
8 External links
[edit]Operations
The Edgbaston branch at Five Ways, Birmingham, designed by P. B. Chatwin in 1908.[6]
The Group is organised as follows:
Lloyds TSB and Bank of Scotland Retail Bank – Joy Griffiths (formerly of LTSB)
Provides a full range of banking and financial services to some 15 million personal customers through c.2,000 branches across the UK
Lloyds TSB branch network – England & Wales
Cheltenham and Gloucester branch network – England & Wales
Lloyds TSB Scotland branch network – Scotland
Bank of Scotland branch network – Scotland
Halifax Retail Bank – David Nicholson (formerly of HBOS)
Provides a full range of banking and financial services to some 15 million personal customers through c.1,000 branches across England & Wales
Halifax branch network – England & Wales
Retail Products & Marketing – Antonio Lorenzo, Group Executive Director (formerly of Santander)
Telephone Banking
Digital Banking (internet, mobile, etc.)
Product Design (current accounts, savings accounts, mortgages, loans, credit cards)
Customer Marketing
Specialist Units
Birmingham Midshires – mortgage and savings brand (buy-to-let mortgages)
Intelligent Finance – mortgages and savings brand
Scottish Widows Bank – offset mortgages
Wholesale Banking – G. Truett Tate, Group Executive Director (formerly of LTSB)
Provides banking and related services for major UK and multinational corporates and financial institutions. It also provides asset finance and manages Lloyds Banking Group's activities in financial markets through its treasury function. Also provides banking and financial services in North America (US and Canada).
Lloyds Bank Corporate Markets[7]
Blackhorse (point-of-sale motor finance)
Lex Autolease
Commercial – John Maltby (formerly of LTSB)
Provides banking and related services for small- and medium-sized UK businesses (SME).
Lloyds TSB Commercial
Bank of Scotland Commercial
Lloyds TSB Commercial Finance[8]
Carfax Oxford branch of Lloyds TSB on High Street, designed by Stephen Salter in 1901.[9]
Life, Pensions & Investments – Phil Loney (formerly of LTSB)
Scottish Widows is the Group's specialist provider of life assurance, pensions and investment products, distributed through the Lloyds TSB branch network, through independent financial advisers and directly via the telephone and the internet. Insurance and Investments also includes general insurance underwriting and broking (home, creditor, motor, travel, pet). Profit before tax from Insurance and Investments in 2006 was €1,110 (£950) million.
Clerical Medical – The Clerical Medical brand will be phased out with the sales team merging with that of Scottish Widows.[10]
Lloyds TSB Insurance Services Limited[11]
Halifax Insurance
General Insurance – Andy Briggs (formerly of LTSB)
Buildings, Contents and Motor insurance via:
Lloyds TSB, Halifax & Bank of Scotland branches
Telephone Sales
Internet
3rd Parties, e.g. Moneysupermarket.com
Wealth and International – Antonio Lorenzo, Group Executive Director (formerly of Santander)
UK Private Banking
International Private Banking
International Retail Banking – includes Channel Islands and Isle of Man
International Banking – includes Bank of Scotland (Ireland) and Lloyds Bank Australia
Scottish Widows Investment Partnership (SWIP)
Other Group Directors
Tim Tookey – Group Finance Director (formerly of LTSB)
Juan Colombás – Chief Risk Officer (formerly of Santander)
Angie Risley – Group Human Resources Director (formerly of LTSB)
Mark Fisher – Group Operations and Integration Director (externally recruited to Lloyds Banking Group from RBS)
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